Nium Raises Over $200 Million in Series D Funding
Shivaji Dound | July 27, 2021
Nium, a leading worldwide B2B payments platform, today announced it has raised a US$200+ million Series D round led by Riverwood Capital – a U.S.- based high-development tech investor. Temasek, Visa, Vertex Ventures, Atinum Group of Funds, Beacon Venture Capital, Rocket Capital Investment, and other notable angel investors, including DoorDash executive, Gokul Rajaram; Chief Product Officer at FIS, Vicky Bindra; and, Co-Founder of Tribe Capital, Arjun Sethi, also contributed to the round. Nium's present valuation is above US$1 billion, making it the main B2B payments unicorn from Southeast Asia. The funding will be used to expand Nium's payments network framework, drive innovative product development, attract top industry ability, and obtain strategic advances and companies. Total cash raised by Nium to date, including this Series D, stands at almost US$300 million.
Nium has established its platform as the preferred connection to the worldwide payments foundation. Serving hundreds of big business customers, and with plans to onboard thousands more, Nium will utilize the Series D funds to expand its specialized foundation and add new embedded fintech administrations. Through a single API, Nium provides admittance to the world's installment foundation, including innovations for pay-outs, pay-ins, card issuance, and banking-as-a-administration. Once connected, Nium customers can send funds to in excess of 100 countries (most progressively), pay out in excess of 60 monetary forms, acknowledge funds in 7 monetary standards, and issue cards in excess of 40 countries. Foundational to Nium is its permit portfolio, possessing the most complete arrangement of cash move, card issuance and banking licenses in fintech, with administrations accessible in 11 jurisdictions.
"We started Nium with the humble goal of taking out regional complexity in cross-border payments," said Prajit Nanu, Nium's Co-founder and CEO. "Today, our sights are set higher. We believe we can be a global catalyst to increase global commerce, removing some of the payments friction which has traditionally held businesses back. The Nium platform simplifies the B2B payments experience by enabling critical financial services to be easily embedded - helping today's local market players become tomorrow's global giants."
Nium's business has altogether scaled in the previous year. Nium processes US$8 billion in payments every year. It has issued in excess of 30 million virtual cards to date. Revenues developed by in excess of 280% year-over-year. With revenues split similarly across EMEA and APAC, Nium will utilize funds from this round to accelerate development in the United States and Latin America. Achievement will be driven by two late strategic acquisitions, including the procurement of movement B2B payments leader, Ixaris, which added comprehensive virtual card issuance capacities to the Nium platform, just as the securing of Wirecard Forex India Private Limited, which gives Nium greater venture into India's flourishing payments market. The Series D investment provides the adaptability to investigate additional strategic chances.
"Nium has built an extremely rare global footprint of licensed infrastructure that brings the world closer to global real time gross settlement," added Alex Porto, Principal, Riverwood Capital. "We believe that Nium is on track to be a central component of the global fabric, providing faster and more democratic money movement and we look forward to supporting their growth in this next phase."
Nium is a leading B2B financial services technology platform that seamlessly connects businesses to the world's payment infrastructure with a single API. Nium's modular platform removes the complexity from global payments and allows banks, payment providers, travel companies, and other businesses to embed financial services, including technologies for pay-outs, pay-ins, card issuance, and banking-as-a-service, in weeks, not months. Once connected to the Nium platform, businesses have the ability to collect and disburse funds in local currencies to over 100 countries, plus issue physical and virtual cards globally. Nium owns licenses in 11 of the world's largest and fastest-growing jurisdictions to enable seamless global payments, regardless of geography.
Riverwood Capital invests in high-growth companies in the technology and technology-enabled industries. Riverwood offers a unique combination of operational, strategic, technology, and financial insight to portfolio companies that typically need growth capital and expertise to scale on a global basis. The firm seeks to invest in established businesses with a proven technology and business model, and the proper fit in terms of culture and values.